Four Corners Property Trust
Net-lease owner of restaurant, medical-retail, and auto-service properties across the United States.
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Profile
Owns and acquires restaurant, medical-retail, auto-service, and other service-oriented properties across the United States, earning most revenue from tenant rent under net leases. A smaller Kerrow restaurant operation adds franchise sales, while Olive Garden and other Darden concepts remain major rent exposures.
Owns, acquires, and leases freestanding restaurant and service-oriented retail properties across the continental United States. Real Estate Operations generates most revenue through long-term net leases that place taxes, insurance, maintenance, and other property costs primarily on tenants. The acquisition program targets nationally recognized brands and fungible sites, while expansion into medical retail and auto service broadens a portfolio still centered on restaurants.
Restaurant Operations runs Kerrow restaurants under Darden franchise agreements through a taxable REIT subsidiary. Olive Garden remains the largest brand exposure, and Darden concepts collectively account for a substantial share of rent. Growth depends on sourcing properties at lease economics above financing costs, tenant credit and renewal performance, and access to debt and equity capital. Maintaining REIT status also requires distributing most taxable income.
Company facts
Key statistics
Year to date +8.6% · Average volume (30d) 673.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Jefferies | Target | $28 | |||
| Jul 22, 2026 | Barclays | Reiterate | Equal Weight | $30 | $29 | |
| Jul 9, 2026 | UBS | Reiterate | Buy | $33 | $30 | |
| Apr 21, 2026 | Barclays | Reiterate | Equal Weight | $28 | $30 | |
| Apr 17, 2026 | BMO Capital | Target | $27 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.29 | $0.27 | −8.3% | $79.0M | $78.4M | −0.8% | −3.00% |
| Apr 29, 2026Q1 FY26 | $0.30 | $0.45 | +51.5% | $73.3M | $78.2M | +6.6% | +0.99% |
| Feb 11, 2026Q4 FY25 | $0.29 | $0.45 | +55.3% | $75.9M | $75.7M | −0.2% | −3.29% |
| Oct 28, 2025Q3 FY25 | $0.45 | $0.45 | 0.0% | $76.0M | $74.1M | −2.5% | −1.72% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $71.5M | $72.8M | $74.1M | $75.7M | $78.2M | $78.4M | |
| Gross profit | $60.7M | $77.0M | $70.5M | $72.4M | $74.8M | $66.9M | |
| Operating income | $38.6M | $41.0M | $41.7M | $42.6M | $43.2M | $43.1M | |
| Net income | $26.2M | $27.9M | $28.8M | $29.4M | $30.3M | $30.0M | |
| Diluted EPS | $0.26 | $0.28 | $0.28 | $0.28 | $0.28 | $0.27 | |
| Gross margin | 84.9% | 105.7% | 95.0% | 95.7% | 95.7% | 85.3% | |
| Operating margin | 54.0% | 56.3% | 56.2% | 56.3% | 55.3% | 54.9% |
Fiscal years (4-quarter sums)FY21 $199.4M · FY22 $223.2M · FY23 $250.6M · FY24 $268.1M · FY25 $294.1M
Revenue by product · Q2 FY26
Revenue by geography · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $24.8M · Total debt $1.26B · Total assets $3.00B · Shareholders' equity $1.62B
Dividends
Raised for 9 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 17 | $0.1222 | cut from $0.3665 |
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.3665 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.3665 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.3665 | raised from $0.355 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.355 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.355 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.355 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.355 | raised from $0.345 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 109.75M · Float 108.25M · 98.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.98M | 18.20% | 13F | Aug 7, 2026 |
| FMR LLC | 7.11M | 6.48% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 7.10M | 6.47% | 13F | Aug 13, 2026 |
| State Street Corp | 6.28M | 5.73% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 4.92M | 4.48% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 5, 2026 | William H. Lenehan | director, officer: President and CEO | +3,961 | $25.23 |
| Mar 13, 2026 | Niccole Stewart | officer: Chief Accounting Officer | −2,427 | $25.97 |
| Mar 11, 2026 | William H. Lenehan | director, officer: President and CEO | +3,924 | $25.45 |
| Mar 6, 2026 | William H. Lenehan | director, officer: President and CEO | +7,865 | $25.49 |
| Feb 18, 2026 | William H. Lenehan | director, officer: President and CEO | +10,080 | $24.73 |
Peers
- Essential Properties Realty Trust
Service-retail sale-leaseback overlap in restaurants and car washes
- NNN REIT
Direct net-lease overlap in auto service, convenience, and restaurants
- Realty Income
Scale benchmark for net-lease retail, restaurants, and auto service
- Agree Realty
Retail net-lease capital rival with auto, convenience, and QSR exposure
- Getty Realty
Focused overlap in automotive retail, convenience, car wash, and QSR
- NETSTREIT
Defensive retail net-lease rival across QSR and convenience assets
- Alpine Income Property Trust
Smaller single-tenant net-lease peer with casual dining exposure
- Broadstone Net Lease
Diversified net-lease peer with retail and restaurant exposure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Four Corners Property Trust | $25.23 | 0.00% | $2.77B | 22.7 | 22.5 | 9.0 | +7.7% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Getty Realty | $32.87 | −0.03% | $2.04B | 19.8 | 23.7 | 8.7 | +7.8% |
| NETSTREIT | $20.47 | 0.00% | $1.99B | 146.4 | 57.9 | 9.2 | +19.8% |
| Alpine Income Property Trust | $19.53 | 0.00% | $322.7M | 101.0 | 29.9 | 4.6 | +34.6% |
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| Median | 33.9 | 28.9 | 9.2 | +9.3% |